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CALGARY, Nov. 15, 2018 /CNW/ - Sylogist Ltd. ("Sylogist" or the "Company") - (TSX-V:SYZ), a provider of mission-critical Enterprise Resource Planning solutions to public sector customers, is pleased to announce that its Board has declared an increased dividend of 9.5 cents per share on Sylogist's Common Shares to shareholders of record on November 30, 2018. The dividend, which is payable on December 12, 2018, represents an 18.75% increase from the $0.08 cent dividend paid by Sylogist on September 12, 2018.
"Our dividend is being increased consistent with our Board's historical and stated objective of paying shareholders a portion of the Company's annual Adjusted EBITDA. Together with our normal course issuer bid, dividends are funded from our increasing operating cash flows, which leaves a growing acquisition capital base available for strategic transactions as they arise" stated Jim Wilson, President & CEO of Sylogist.
All dividends paid by Sylogist to holders of Common Shares in the capital of the Company will be treated as eligible dividends pursuant to the Income Tax Act (Canada).
Sylogist is a software company that, through strategic acquisitions, investments and operations management, provides comprehensive, mission-critical ERP solutions, including fund accounting, grant management and payroll to public service organizations. Sylogist's public service customers include local governments, nonprofit organizations, non-governmental organizations, educational institutions and government agencies, as well as public compliance driven and funded. Our Company delivers highly scalable, multi-language, multi-currency software solutions, which serve the needs of an international clientele.
Full financial statements together with Management's Discussion and Analysis are available on SEDAR at www.sedar.com.
The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. Forward-looking information in this news release includes statements with respect to the Company's growing its acquisition capital base available for strategic acquisitions as they arise. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the beliefs and plans and other forward-looking expectations expressed herein will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Additional information regarding some of these risks, uncertainties and other factors may be found under in the management's discussion and analysis for the quarter ended June 30, 2018, and other documents available on the Company's profile at www.sedar.com. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
Non-GAAP Financial Measures
(1) Adjusted EBITDA is a non-GAAP financial measure: Adjusted EBITDA is defined as: profit for the period before stock based compensation, foreign exchange gains or losses, interest expense, bargain purchase price on acquisition, income taxes, acquisition-related costs, depreciation and amortization.
This news release makes reference to a certain non-GAAP measure. This measure is not recognized measures under Canadian GAAP, does not have a standardized meaning prescribed by Canadian GAAP and are therefore may not be comparable to a similar measure presented by other issuers. This measure is provided as additional information to complement measures under GAAP by providing further understanding of the Company's expected results of operations from management's perspective. Accordingly, such a measure should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under Canadian GAAP.
Adjusted EBITDA is provided to investors as an alternative method for assessing the Company's operating results in a manner that is focused on the Company's ongoing operations and to provide a more consistent basis for comparison between periods. This measures should not be construed as alternatives to net profit (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of the Company's performance.
- Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release-
SOURCE Sylogist Ltd.
For further information: Jim Wilson, President and CEO or Xavier Shorter, Vice President, Finance and CFO or Andre Drouillard, Vice President, Business Development and Investor Relations, Sylogist Ltd, (403) 266-4808